Oil Resource Group Trader Will Create a Service “Daughter” in the Field of Oil and Gas Production
Oil Resource Group LLC (ORG), engaged in the fuel trade, will create a service “daughter“ that will provide services in the field of oil and natural gas production, the ORG said in a statement.
The decision to create a new legal entity, which will be named Oil Resource Nefteservice LLC, was made on Thursday by the only participant of the ORG – JSC Cyrillic. It is assumed that ORG will have a 95% stake in the service company. The owner of the remaining 5% of the shares is not specified in the message, however, it is noted that the new legal entity ORG and Cyrillic are being created jointly.
JSC Cyrillic will also serve as the sole executive body of the new company. The authorized capital of Oil Resource Nefteservice LLC will amount to 20 million rubles.
As Igor Korenev, the financial director of the ORG, told Interfax, the creation of a new legal entity is due to the emergence of a new line of activity.
“We plan to provide services in the field of oil production. We have a large list of services. These are consulting services and technical services,“ Korenev said, adding that the company has potential customers in Russia.
The Oil Resource Group Group of companies unites JSC UK ORG (the group‘s management company), Oil Resource Trading, Oil Resource Group, ORG KZ, ORG Resources, LLC Zemlitsa and a number of other companies. They are engaged in wholesale trade in solid, liquid and gaseous fuels, and cereals.
In 2023, according to its IFRS reporting, the Group received revenue of 11 billion rubles (an increase of 24% compared to 2022) and net profit of 116.9 million rubles (a decrease of 15%).
The beneficiary of the group at the end of 2023 was Semyon Garagul.
Currently, there are three issues of exchange-traded bonds of ORG Management Company for 727.9 million rubles and the issue of bonds of Oil Resource Group for 1 billion rubles. In July of this year, Oil Resource Group approved a program of exchange-traded bonds in the amount of 10 billion rubles.
